MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XV, Issue 4672, 17 March 1894, Page 3

MEETING OF CREDITORS.

Estate of J, L Jlmpm.

A meeting of creditors in the estate of Thompson Lawaon Thompson was held at the Courthouse, Masterton, at nooa to-day, Mr W, B, Ohennells,Deputy Official Assignee presiding. , The following creditors were present or represented Messrs |J. Graham representing the Bank 'of Australasia, 0, S, \V. Dalrymple aid R. K. Jackson appearing for several creditors. After waiting for the statutory qmilter nf and there being no ' OfficialAssigneo said he would allow the examination of tho bankrupt for convenience, but of course it would bo informal. Mr Thompson in roply to Mr Jackson Bifid that he put £4OOO in cash into the To Ore Ore estate in 1879, as a half share, MesSrs Murray, Roberts finding a similar amount, There ' were mortgages on the property, The purchase was not a speculation and though tboy found they were losing they decided to hold on for a rise. Colonial history 'went to prove that properties near towns increased in value and therefore they had reasonable hopes of an advance. The DO.A.: It has advanced in Rvalue has it not Mr Thompson, to Rudge from the land already sold ? Mr Thompson: Yes, but not sufficiently. Continuing, the bankrupt said that a third oi the property had been already sold, but had been paid into a separate account. These sections had been sold with the consent of Messrs Murrey Roberts, the mortgagees,and himself. An irrevocable power of attorney bad lwn. given by him to Messrs Murray Roberta A: Co. In Marohi last yearthe-fiarinorahip was tlissjlved, and Messrs Murray, Roberts bad power to sell, Rather than have tho property forced into the market, he urged that it should be sold gradually. T. L, Thompson and Co,, were Messrs Murray, Roberts and himself Mr Jackson: Tho'purcbase of tho Waitawhiti estate was another specuati'on? v „y\ •/Mr Thompson; ;/?Woll,-I suppose . Dll bupincss is more or to of aspecu-

lation." Continuing, he said (hat the Te Ore Ore estate bad been, n losing concern all through. Messrs Murray, Boherts doubtlesa would not have advanced the money for the purpose if they had oonsidorcd it a bad affair. His opinion had been that the Te Ore Ore property was sound and an seeing i what he thought-nau a good apecu-! lation he went into it. All the unseourrd debts we-incurred after 1889. Mr Bretsy of Kandy Ceylon had lent him money, but it was & purely private 'ransiotiun and there was no security given, He had lost 1200 sheep time and had naver been able to trace them—sheep at the time were worth 18? ahead—Every effort had been made to recover them but it proved fruitless.

He ,gave up personal supervision in 189' i, Sinoe then ho had been in England, and on a return to Wellington he had ncceptcd a travelling agency of the Colonial Mutual Life "insurance in which a certain amount had been made. His trip to England w&8 partly oe business, partly on pleasure. Mr Thompson objeoted io answer a question on a transaction made when lie was solvent. The D 0. A. said Mr Jackson could, ask any question on tho state of bis Gnanocs. , Debtor continued that the saldf shipping , shares onaMed him to pay tho expenses of a trip to England. He had married in April, 1892. Messrs Lowes and lorns had received instructions to sell the Te Ore Ore, Mrs Thompson had a separate estate'of her own, The D.O.A. said tho creditors appeared to take vi-ry little interest i.n the meeting. jThero was apparently very, little to be got out of the estate, Messrs Murray Roberts could either surrender the property or hand it over to him. There was nothing in 'the estate but the chance of a surplus, and Messrs Murray Roberts might give something for Mr Thompson's share. In reply to tho D.O.A, Mr Thompson said he would see Messrs Murray, Roberts and try and make some arrangement. The D.O.A. said that that firm had the whip haiul and a communication was read fronj them promising to furnish particulars of the sale of the To Ore Ore estate when tho transaction wjs completed. The.meeting then adjourned.